Wednesday, 5 September 2012

S&P next big move

 S&P still moves in a sideways manner with no clear impulsive move either up or down. Support at 1397 if broken will the push the index lower towards 1380. This scenario has slightly more chances than the bullish one. If this happens, I expect the decline to end at or near 1380 level.

The bullish scenario needs to hold the 1397 spot and then break above the sideways movement of the last few days. The resistance level is at 1412-16.

If this level is broken then most probably a new upward wave will have started  with target above 1430 towards 1450.

Thank you for taking the time to read my post.

If you need further assistance in trading this index don't hesitate to contact me.

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